How Mortgage Rates Can Affect Your Loan Payment

When a person purchases a home, there are various factors that are considered when determining if they are eligible for a loan and what type of interest rate. From their monthly income to their credit score, these aspects can heavily impact the type of interest rate the individual will have to pay on their loan. For a first-time buyer that has very little credit built up, they can be eligible for a loan with a high-interest rate. This means they will pay a substantial amount of money toward interest to secure the loan with the lender. This can lead to a higher monthly payment the homeowner will have to pay to the financial institute. However, securing lower refinance mortgage rates in Maryville can be financially beneficial for the homeowner.

Why Refinancing is a Wise Investment

After paying on loan for several years, you start to build up equity in the home that can help qualify you for a mortgage at a lowered rate. With low refinance mortgage rates in Maryville, you can reduce how much interest will be paid on loan and possibly reduce the duration of the mortgage. Plus, lower rates can help reduce the monthly payment on the mortgage to help save you money. By reducing your payments and saving a substantial amount of money on the loan, you can use the money you save on other expenses you may have.

Apply Today to Learn the Benefits of Remortgaging Your Home

Contact your community bank today to learn more about competitive rates and how to lower your mortgage payments. Whether you want to switch from an adjustable rate to a fixed rate loan, a relationship-driven community bank’s loan officer can help you find the right mortgage option for you.